How much is 1 MYR in New Taiwan Dollar

The exchange value of 1 MYR in New Taiwan Dollar is 7.370 TWD as on Feb 14.

How to check the exchange rate of 1 MYR to TWD with Paytm

You can check the exchange rate of 1 Malaysian Ringgit to New Taiwan Dollar by using the Paytm currency exchange rate calculator.

All you need to do to see the exchange 1 MYR to TWD online is as follows:.

• Navigate to the Paytm currency calculator page.
• Enter the amount 1 in the Amount section and
• Select the currency MYR - Malaysian Ringgit in the "From" section
• Select TWD - New Taiwan Dollar in "To" section
• Finally, click "Convert" to see the 1 MYR to TWD conversion amount.

Methods to Convert (MYR) to New Taiwan Dollar (TWD) Online

There are several online ways to convert MYR to TWD.

1. Online Banks

Most banks in India allow MYR to TWD conversion through their internet banking or mobile apps.

Steps to Convert MYR to TWD via Online Banking:

1. Log in to your bank account.
2. Select "Forex Services" or "Currency Exchange."
3. Enter the MYR amount you want to convert.
4. Check the exchange rate.
5. Confirm and complete the transaction.

Pros:

• Safe and secure.
• Money gets credited directly to your account.
• No hidden fees.

Cons:

• Banks may offer lower exchange rates.
• The process can take a few hours to a few days.

2. International Money Transfer Apps

Apps like Wise, PayPal, and Western Union allow MYR to TWD conversion quickly.

Steps to Convert MYR to TWD via international money transfer apps:

1. Create an account in any app and log in.
2. Enter the MYR amount you want to convert.
3. Choose TWD as the receiving currency.
4. Add the recipient‘s Indian bank details.
5. Check the exchange rate and fees.
6. Confirm and transfer.

Pros:

• Better exchange rates than banks.
• Fast transfers (few minutes to hours).
• Small and transparent fees.

Cons:

• Requires verification for large amounts.

3. Forex Cards

A Forex card is a prepaid card that holds multiple currencies, including MYR.

Steps to Convert MYR to TWD via Forex Card:

1. Get a Forex card from a bank or travel agency.
2. Load it with MYR before traveling.
3. Use it at ATMs in India to withdraw TWD.
4. The card automatically converts MYR to TWD at the time of withdrawal.

Pros:

• Safer than carrying cash.
• Good exchange rates.
• Can be used multiple times.

Cons:

• Some banks charge ATM withdrawal fees.
• Limited to international travelers.

4. Cryptocurrency Exchanges

Some people use crypto exchanges to convert USD to INR through Bitcoin, Ethereum etc.

Steps to Convert MYR to TWD via Crypto:

1. Buy Bitcoin (BTC) with MYR on a crypto exchange.
2. Transfer the BTC to an Indian exchange.
3. Sell it for TWD.
4. Withdraw TWD to your bank account.

Pros:

• Fast transactions.
• Good for high amounts.
• Some platforms offer zero fees.

Cons:

• Cryptocurrency prices fluctuate.
• May not be legal in all countries.

Places to Convert MYR to TWD Offline

There are several offline methods to exchange MYR to TWD. Let‘s explore them.

1. Banks

Banks offer currency exchange services at competitive rates. You need to visit a branch with your MYR cash and exchange it for TWD.

Steps to Exchange MYR to TWD at a Bank:

1. Visit a bank branch that offers forex services.
2. Carry your passport, visa, and ID proof (for foreigners).
3. Fill out the currency exchange form.
4. Hand over the MYR cash.
5. Receive TWD in cash or your bank account.

Pros:

• Safe and reliable.
• Better exchange rates than airports.
• Direct deposit option available.

Cons:

• Limited working hours.
• Requires documents for verification.

2. Currency Exchange Centers

Private money exchange centers, like Thomas Cook, Muthoot Forex, and Western Union, offer offline MYR to TWD conversion.

Steps to Exchange MYR to TWD at an Exchange Center:

1. Visit a licensed money exchange center.
2. Show your passport and ID proof.
3. Provide the MYR cash for exchange.
4. Receive TWD at the given exchange rate.

Pros:

• Quick and easy.
• Available in major cities and tourist areas.
• Competitive exchange rates.

Cons:

• Some centers charge extra service fees.
• Not available in remote areas.

3. Airport Currency Exchange Counters

Airports have forex counters where travelers can exchange MYR to TWD.

Steps to Exchange MYR to TWD at an Airport:

1. Locate the currency exchange counter at the airport.
2. Show your passport and travel documents.
3. Hand over MYR and receive TWD instantly.

Pros:

• Convenient for travelers.
• Open 24/7 in major airports.

Cons:

• Higher exchange rates compared to banks.
• Extra service fees.

4. Hotels and Travel Agencies

Some hotels and travel agencies offer currency exchange services for guests.

Steps to Exchange MYR to TWD at a Hotel or Travel Agency:

1. Check if your hotel or travel agency provides forex services.
2. Provide your passport and MYR cash.
3. Receive TWD based on their exchange rate.

Pros:

• Very convenient for travelers.
• No need to visit a bank or forex center.

Cons:

• Higher exchange rates.
• Limited availability.

5. Local Money Changers

In busy markets and tourist spots, you may find local money changers who exchange MYR for TWD

Steps to Exchange MYR to TWD at a Local Money Changer:

1. Find a trusted local money changer.
2. Negotiate the exchange rate if possible.
3. Provide MYR and receive TWD.

Pros:

• Quick and easy.
• Sometimes better rates than banks.

Cons:

• Risk of fraud or counterfeit TWD.
• No official receipt or record.

Documents Required for MYR to TWD Exchange

Most offline exchanges require identity proof. Here are the common documents needed:

Always carry a valid ID when exchanging currency.

Tips to Get the Best Exchange Rate for converting MYR to TWD

1. Compare Rates: Use online comparison tools to check the best MYR to TWD rates before converting.
2. Avoid Weekends: Exchange rates are higher on weekends due to market closure.
3. Use Low-Fee Platforms: Choose platforms like Wise or Forex cards to reduce extra charges.
4. Avoid Airport Exchanges: Airport forex counters have the worst exchange rates.
5. Convert Larger Amounts: Some platforms offer better rates for higher amounts.
6. Negotiate: At local money changers, you may get a better rate if you negotiate.
7. Check for Hidden Fees: Ask about service charges before exchanging.
8. Verify the Notes: Always count your TWD and check for fake currency.
9. Use Official Channels: Avoid unlicensed money changers to prevent scams.

Fees and Charges for converting MYR to TWD

Benefits of MYR to TWD Conversion

Converting Malaysian Ringgit (MYR) to New Taiwan Dollar (TWD) offers several advantages, depending on your financial needs and market conditions. Here are some key benefits:

1. Favorable Exchange Rates

MYR is a strong and widely traded currency. If the exchange rate is favorable, converting MYR to TWD can give you more value for your money.

2. Higher Purchasing Power in Taiwan

Since 1 MYR equals a significantly higher amount in TWD, converting MYR to TWD increases your purchasing power, allowing you to afford more goods and services in Taiwan.

3. Supports Travel and Expenses in Taiwan

If you‘re an NRI, tourist, or returning from the Malaysia, converting MYR to TWD ensures you have local currency for daily expenses, shopping, and travel within Taiwan.

4. Investment Opportunities

Converting MYR to TWD can help you invest in Taiwan assets, such as real estate, stocks, mutual funds, and fixed deposits, which often offer higher returns compared to Malaysia markets.

5. Savings on Transaction Fees

Using a direct MYR to TWD conversion method (like Forex cards or money changers) helps avoid unnecessary fees and unfavorable exchange rates charged by international payment gateways or credit card companies.

6. Business and Trade Advantages

For businesses involved in international trade, converting MYR to TWD at the right time can help optimize costs, manage foreign exchange risks, and improve profit margins.

By choosing the right conversion method and timing, you can maximize the benefits of MYR to TWD exchange.